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Old February 22nd, 2012, 12:23 AM   #21
Geza Ulole
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UK's BG Group to invest $500 mln in Tanzania gas exploration
Tue Feb 21, 2012 5:24pm GMT

DAR ES SALAAM (Reuters) - British gas and oil firm BG Group plans to step up its presence in gas exploration in east Africa's second-biggest economy by investing $500 million in Tanzania this year, the government said on Tuesday.

The east African coastline is fast becoming a major gas hub with even bigger discoveries made farther south in Mozambique, and demand appears to be growing, considering how close India is

with its rapidly expanding economy.

The BG Group has previously said it expects to see growth from Tanzania, where it has made three gas discoveries off the coast of the country and hopes to develop a floating liquid natural gas plant.

The BG Group this month said appraisal work showed its new discoveries offshore Tanzania contained 3 trillion cubic feet of resources.

Norwegian oil and gas firm Statoil announced on Friday it has found natural gas offshore Tanzania, marking the latest in a series of discoveries on the doorstep of Asia's fast growing markets.

Tanzania's natural gas reserves are estimated to have risen to more than 10 trillion cubic feet (tcf) from a previous estimate of 7.5 tcf following major gas discoveries in the country's deep-water offshore region.

Mozambique, the fastest growing energy player in the region, this month estimated that energy firms will spend $50 billion over the next decade to develop its liquefied natural gas (LNG) industry.

© Thomson Reuters 2012. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

http://af.reuters.com/articlePrint?a...81K0BM20120221
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Old February 22nd, 2012, 12:38 AM   #22
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Otto takes Tanzanian stakes

Australia-based Otto energy will acquire 50% stakes in two onshore production sharing agreements in Tanzania from joint venture partner Swala Oil and Gas, the company has announced.

Andrew Hobbs 21 February 2012 05:48 GMT

The stakes are in the onshore Kilosa-Kilombero area and Pangani area PSAs, originally awarded to Swala under an Area of Mutual Interest Agreement signed in January 2011.

Otto said the acquisition, which is subject to Tanzanian government approval, gave it an entry into the East African Rift Valley area on attractive terms.

The Pangani block is believed to be an arm of a triple point junction the eastern branch of the Rift Valley system, Otto said, while the Kilosa-Kilombero licence could be linked with the greater western rift system of the East Africa Rift.

The company would start exploration of the blocks, covering a gross area of 3.4 million hectares, by getting airborne gravity and magnetic information to confirm the presence of a significant sedimentary basin in the area.

If results from the initial data acquisition are positive then the Otto-Swala joint venture can elect to acquire seismic data prior to committing to a well in either block, Otto said.

Otto chief executive Gregor McNab said the company had been waiting to find assets to complement its portfolio in the Philippines, which he said spanned the exploration, development and production life cycle.

Swala will remain operator of the project with a 50% stake.

Published: 21 February 2012 05:48 GMT | Last updated: 21 February 2012 05:49 GMT
http://www.upstreamonline.com/live/article304271.ece
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Old February 22nd, 2012, 10:02 AM   #23
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22nd February 12
British firm to invest over USD 10bn in gas extraction
The Guardian Reporter

A delegation of British investors has briefed President Jakaya Kikwete on a plan to put USD 10 to 20 billion in the economy to develop infrastructure to exploit the country’s huge gas reserves.

The British Gas International (BGI) delegation lead by its chairman Sir Robert Wilson visited President Kikwete at the state House on Monday.

“We are planning to invest between USD10 and 20 billion in second half of this decade in gas and the Tanzanian economy,” he told the president.

Sir Wilson said the amount was huge and that Tanzania has to prepare its economy to handle such an amount of money.

Sir Wilson told President Kikwete that the company has discovered huge reserves of natural gas in three wells including a deepwater one which were drilled in 2009 and last year in the Indian Ocean.

Sir Wilson told the President that his company invested 500 million USD in gas exploration in the country last year and it will invest the same amount this year.

Sir Wilson who led a delegation of seven officials and was accompanied by Diane Corner the British High Commissioner to Tanzania, called on the government and BGI to join efforts to counter challenges in exploration, and production of gas in the Indian Ocean and especially in dealing with pirates originating from Somalia.

President Kikwete assured Sir Wilson that his government will intensify measures to counter all the challenges.

He said the government will ensure that the contracts for production of natural gas discovered by private companies in the countries benefit Tanzanians.

The head of state however said the government will continue to strengthen security in the areas where the gas is either being explored or has been discovered in the Indian Ocean against piracy.

President Kikwete assured the investors that the government will ensure that all the Production Sharing Agreements (PSA) which Tanzania enters into with private companies exploring gas or which have discovered gas will focus on benefiting Tanzanians and the investors.

“I assure you that we will make sure that the PSA benefit Tanzanians as well as investors,” said President Kikwete in a statement.

The meeting was also attended by the Minister of Finance, Mustafa Mkulo and Energy and Minerals minister William Ngeleja.

BGI entered Tanzania last year and bought 60 percent of shares of Ophir Tanzania Limited which between 2005 and 2006 entered into contract with the government and the Tanzania Petroleum Decelopment Corporation (TPDC) for exploration of gas in the Indian Ocean.

BG Group is one of the biggest companies in the world in energy production working in more than 25 countries.
THE GUARDIAN
http://www.ippmedia.com/frontend/fun...le.php?l=38704
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Old February 22nd, 2012, 11:00 AM   #24
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good news, let them pump the money into the economy, we may make some steps ahead
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Old February 23rd, 2012, 06:07 PM   #25
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Shell Bid Starts Race for African Gas Fields Bigger Than Norway’s: Energy
By Eduard Gismatullin and Fred Pals - Feb 23, 2012

Royal Dutch Shell Plc (RDSA)’s $1.6 billion bid for Cove Energy Plc (COV) starts a race to develop natural-gas fields off Mozambique’s Indian Ocean coast that may hold more than Norway’s entire reserves.

Winning Cove would give Shell an 8.5 percent stake in a block where Anadarko Petroleum Corp. (APC) has found 30 trillion cubic feet of gas. Italy’s Eni SpA (ENI) has discovered even more in a neighboring area. Together, there’s sufficient fuel for the development of two $20 billion liquefied natural gas plants to supply customers in Asia, according to Deutsche Bank AG.

“We’re a natural partner in that project,” Shell Chief Executive Officer Peter Voser said in an interview in The Hague yesterday. “We are the global leader in LNG, so this is an interesting province for us to actually further grow.”

East Africa’s fields offer a fresh source of gas supply for China and India, the world’s fastest-growing major economies. Demand for LNG in Asia is rising at almost 20 percent a year, outstripping the pace of production growth, according to Sanford C. Bernstein & Co. Prices in the region reached a record in November.

Shell won’t be the last company looking for a way into Mozambique. India’s Oil & Natural Gas (ONGC) Corp. was among Asian producers considering a bid for Cove and a counter-offer remains possible. At the same time, Eni and Anadarko have both said they’re willing to sell stakes in their discoveries.

“This move from Shell leaves other European majors behind,” said Alejandro Demichelis, a London-based analyst at Bank of America Corp., adding that BP Plc (BP/) and Total SA (FP) are likely to want a role in Mozambique.
‘Assessing Opportunities’

Shell, Exxon Mobil Corp. (XOM) and BP, which had also considered a Cove bid, according to London’s Sunday Times, are the biggest LNG producers among international oil companies.

Shell itself isn’t likely to settle for Cove’s 8.5 percent stake in Anadarko’s Rovuma fields and said yesterday it’s “assessing opportunities” to expand in Mozambique.

The Anglo-Dutch company so far had a limited presence in east African exploration. Since 2002, it has been negotiating four exploration licenses off of Zanzibar and Pemba islands, part of the semi-autonomous nation on an archipelago in the Indian Ocean. Shell had also drilled a dry well with Petroleo Brasileiro SA (PETR4) in Tanzania last year.

Cove is “too small for a company the size of Shell with ambitions and expertise in operating large scale LNG developments,” Demichelis said.
Northern Neighbor

London-based Cove jumped 26 percent to 194 pence in London trading yesterday after Shell offered 195 pence a share, or 992 million pounds ($1.6 billion). While Cove said yesterday it expects the board to recommend the offer, formal sales process for the company will continue.

The offer boosted the price of other U.K. drillers in east Africa. Ophir Energy Plc (OPHR), which is looking for partners for its drilling campaign off Tanzania, climbed 7.3 percent and Afren Plc (AFR) gained 5.9 percent.

Tanzania, Mozambique’s northern neighbor, also has the potential to support LNG projects. BG Group Plc (BG/) has already found about 4 trillion cubic feet of gas there and Ophir CEO Nick Cooper said last month the geology that yielded Mozambique’s discoveries may extend across the border. Cove also has exploration rights.

East African LNG projects will compete with gas from Australia, where Shell, Chevron Corp. (CVX) and other companies plan to invest about $250 billion in export projects to supply Asia. One of the attractions of East African gas is that projects will be relatively cheap, Bernstein analyst Oswald Clint said.
Gas Production

“We estimate that East African projects are likely to be significantly cheaper than Australian developments,” Clint said. Through Cove, Shell is also “adding in attractive frontier exploration acreage in Kenya and Tanzania,” he said.

Mozambique, a $24 billion-a-year economy that ranks 213 of 227 countries in the world for per capita income, has no significant natural-gas production.

The global gas market will be driven by demand from China, where LNG imports will more than double by 2015 to 30 million tons a year, trailing only Japan as a buyer by 2020, according to Bernstein. The average price of Japan’s LNG imports rose to a record $16.96 a million British thermal units in November, Japan LNG Corp. data show.

Anadarko’s Rovuma discoveries and Eni’s neighboring Mamba find, where the Rome-based company has found 40 trillion feet of gas so far, together contain 70 trillion cubic feet. Norway’s reserves in 2010 were 72 trillion feet, according to the BP Statistical Review of World Energy. Both companies plan more appraisal wells.

CEO Paolo Scaroni said Eni’s willing to sell part of the field. Anadarko, which has no track record in LNG, may also dispose of part of its Mozambique holding, Chuck Meloy, a senior vice president of worldwide operations, said Dec. 6.

“We’re talking about a phenomenal amount of gas to be discovered yet in East Africa,” said Ashwin Punde, a managing director for energy investment banking at Bank of America. Shell’s bid is a “classic example of a big company swallowing a minnow.”

To contact the reporters on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net; Fred Pals in Amsterdam at fpals@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
http://www.bloomberg.com/news/print/...ds-energy.html
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Old February 28th, 2012, 02:45 PM   #26
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PTT Exploration Faces ‘High’ Competition for Cove, CEO Says
By Supunnabul Suwannakij and Eduard Gismatullin - Feb 27, 2012

PTT Exploration & Production Pcl (PTTEP) expects to face stiff competition from international rivals to acquire U.K.-listed Cove Energy Plc (COV) after it trumped a bid for the African explorer by Royal Dutch Shell Plc. (RDSA)

“The competition is quite high and we are doing our best,” Chief Executive Officer Anon Sirisaengtaksin said in a telephone interview today. “Our offer is based on plenty of studies, including surface evaluation and due diligence, which showed that Cove’s assets are world class and have high potential for discovering a large amount of gas.”

Thailand’s only listed oil and gas explorer on Feb. 24 offered 1.1 billion pounds ($1.7 billion) for Cove. The Bangkok- based company’s proposal of 220 pence for each share was 13 percent more than Shell’s bid. PTT Exploration’s shares fell.

Cove holds 8.5 percent of a block off Mozambique where Anadarko Petroleum Corp. (APC) has found as much as 30 trillion cubic feet of gas. That would be enough to justify production of liquefied natural gas to supply Asian markets. Cove said in a separate Feb. 24 statement the sale process for the company will continue and it reserves the right to reject any approach.

“We think Shell is the Mozambique government’s preferred bidder and will likely raise its offer to 240 pence” a share, said Stuart Joyner, an analyst at Investec Securities in London.
Share Performance

PTT Exploration fell as much as 1.4 percent to 182.5 baht and traded at 184 baht as of 12:30 p.m. in Bangkok. Cove surged 21 percent to 235 pence in London Feb. 24, indicating investors are betting on further bids.

On Feb. 22, Shell bid $1.6 billion to buy Cove to gain a foothold in Mozambique. Jon French, a London-based spokesman for Shell, declined to comment Feb. 24 when asked whether the company would be prepared to raise its offer.

PTT Exploration’s bid values Cove at $4.6 per barrel of oil equivalent of resource and “is already hot in my view,” said Jason Kenney, an analyst at Banco Santander SA in Edinburgh. “I’d be surprised if a Western oil major would pay above this level as it looks expensive. Never say never though.”

East Africa’s fields offer a fresh source of gas supply for Asia, where China and India are the world’s fastest-growing major economies. Eni SpA (ENI) of Italy, BG Group Plc (BG/) of the U.K. and Statoil ASA of Norway also discovered natural gas off Mozambique and Tanzania. Statoil’s Executive Vice President for Exploration Tim Dodson last week declined to say whether Norway’s largest oil company would be interested in joining the race for Cove.

Cove has been working with Total SA (FP) and BG to explore off the coast of Kenya. Last year, it joined Cairn Energy Plc (CNE) to bid for exploration licenses off Lebanon.

Standard Chartered Bank is advising Cove, which put itself up for sale last month. UBS AG is advising PTT Exploration.

The transaction depends on approval from the Mozambique government. The Thai government supports PTT Exploration’s bid.

PTT Exploration has adequate cash flow and can raise funds to finance the acquisition, Anon said.

To contact the reporters on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net; Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net
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Old February 29th, 2012, 11:02 AM   #27
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Gas reserve found in Ruvuma Basin Send to a friend
Wednesday, 29 February 2012 10:34
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[Oil exploration has been intensified in Tanzania,with encouraging results]

Oil exploration has been intensified in Tanzania,with encouraging results
By The Citizen Reporter
Dar es Salaam. Oil and gas firm, Aminex, recently reported the discovery of gas at the Ntorya-1 well in Tanzania.
The group, which operates the project and its partner Solo Oil said that the Ntorya-1 well has made a gas discovery in the Ruvuma Basin onshore Tanzania, a UK based Proactive Investors reported on its website on Monday.

Evaluation of electric logs from the well have confirmed the presence of reservoired gas, showing a gross sand interval of 25 metres with a three metre net gas bearing pay zone, said Aminex.

About two weeks ago, an oil and gas prospecting firm, Statoil, discovered some amount of gas offshore around Mafia Island. The company is now assessing whether the amount is commercially viable.

The presence of gas bearing reservoir sandstones in the Ntorya-1 well confirms the potential for additional prospectivity in the thick Mesozoic sandstones that were encountered in the Likonde-1 well, said Solo Oil.
The well will now be deepened and suspended for flow testing once the company mobilises the necessary equipment to the site.

http://www.thecitizen.co.tz/business...n-ruvuma-basin
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Old February 29th, 2012, 01:09 PM   #28
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UK firm hits gas in Tanzania

27 February 2012, Sweetcrude, HOUSTON - UK company, Aminex, has recorded a gas discovery in the Ntorya-1 exploration well in the Ruvuma basin, onshore Tanzania.

The company said the well encountered strong gas in a good quality Cretaceous reservoir sand at a depth of 2660 metres and the open hole was logged over the zone to a depth of 2750 metres.

Its evaluation of the electric logs confirmed the presence of gas over a gross sand interval of 25 metres, from 2660 to 2685 metres, with a three metre net gas bearing pay zone at the top of the interval with porosities of 20% and a 16.5 metre thick lower sandstone interval with further possible gas pay.

The company added the presence of reservoire hydrocarbons in the Cretaceous sands in Ntorya-1 opened up the potential for additional prospectivity in the thick Mesozoic sandstones encountered in the Likonde-1 well, about 14 kilometres to the north.

Aminex chief executive officer, Stuard Detmer, said: “Following recent high-profile exploration successes in the offshore Ruvuma basin of Tanzania and Mozambique, the Ntorya-1 well has established for the first time the presence of reservoire hydrocarbons onshore.

“Given current plans to develop major gas infrastructure on the coast just 25 kilometres away, this has the potential for commercial development and opens new possibilities in the under-explored onshore regions of our Ruvuma Block PSA.”

Aminex said it intended to deepen the well a further 250 metres to investigate “a prominent seismic event” at a depth of about 3000 metres.
http://sweetcrudereports.com/2012/02...s-in-tanzania/
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Old February 29th, 2012, 01:11 PM   #29
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Statoil discovers large gas in Tanzania

24 February 2012, Sweetcrude, DAR ES SALAAM - Statoil, the Norwegian exploration and producing company, has announced huge gas discovery off Tanzania.

It hit the gas in a well on Block 2, offshore Tanzania, with logging results indicating up to 5 trillion cubic feet of gas in place.

Statoil said, Friday, that the well intersected 120 metres of excellent quality reservoir with high porosity and high permeability.

Tim Dodson, vice president for exploration, said: “This discovery is the first Statoil operated discovery in East Africa and an important event for the future development of the Tanzanian gas industry.”

The company stated that the gas-water contact in the well had not yet been established and drilling operations were on-going.

It has previously said the well, which is being drilled in a water depth of 2582 metres is expected to take up to three months to complete as it intends to continue drilling towards a total depth of 5150 metres.

The drillship Ocean Rig Poseidon will move to drill the Lavani prospect on Block 2 once it completes drilling activities at Zafarani.

Statoil operates Block 2 on behalf of Tanzania Petroleum Development Corporation (TPDC) with a 65% working interest, while US supermajor ExxonMobil holds the remaining 35% equity in the 5500 square kilometre licence area.

http://sweetcrudereports.com/2012/02...s-in-tanzania/
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Old March 13th, 2012, 12:45 AM   #30
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New gas discoveries attract Shell to East Africa Send to a friend
Monday, 12 March 2012 23:06
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Nairobi.A pair of significant discoveries over the past few weeks, and an already giant field under the operation of Anadarko Petroleum Corp., have proven enough to attract the biggest name in liquefied natural gas to East Africa: Royal Dutch Shell plc .

Eni S.p.A. announced on February 15 that it had made a second “giant” gas discovery close to its Mamba South 1 prospect in the Area 4 offshore block off the coast of Mozambique.The company indicated that a well at its nearby Mamba North prospect had hit 186 meters of gas pay, adding an estimated 7.5 trillion cubic feet (tcf) to its reserves in the Area 4 block, bringing total reserves to 30 tcf.

Two days later, Statoil ASA announced that it found gas in a block off the coast of Tanzania. The Norwegian company, which was drilling at its offshore Zarafani prospect with partner ExxonMobil Corp., later confirmed that the find could hold as much as 5 tcf.Following the two finds, Shell lodged a $1.6 billion bid for Cove Energy plc, the owner of an 8.5 per cent stake in the Area 1 offshore block operated by Anadarko that is estimated to hold as much as 30 tcf of gas.

Shell’s interest in the increasingly enticing prospects being turned up along the East African coast carries significant weight given the company’s prominence in the global liquefied natural gas (LNG) trade – joint ventures involving Shell supplied 30 per cent of global LNG volumes last year.

Frank Harris, head of Global LNG Consulting at Wood Mackenzie, told the Financial Times on Wednesday that “East Africa is one of the next big things in LNG, and it’s inconceivable that Shell wouldn’t have a position in it.”“We’re a natural partner in that project,” Shell CEO Peter Voser said in an interview on Wednesday, addressing the possibility of at least two LNG export facilities in the region.
http://www.thecitizen.co.tz/business...to-east-africa
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Old March 13th, 2012, 12:56 AM   #31
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UPDATE 2-Sasol says time right for next gas acquisition
Mon Mar 12, 2012 2:09pm GMT

* Scouting North America for next gas buy

* H1 headline EPS up 81 pct to 23.50 rand

* Forecasts higher full-year earnings

* Shares down 0.7 percent vs flat JSE Top-40 index

By Agnieszka Flak

JOHANNESBURG, March 12 (Reuters) - South African petrochemicals group Sasol Ltd sees opportunities to buy cheap natural gas assets in North America that would help boost its output of chemicals and synthetic fuels, a senior official said on Monday.

Sasol, the world's top maker of motor fuel from coal, is investing heavily in growth, especially by expanding its shale gas portfolio, with capital expenditure seen at 29 billion rand ($3.9 billion) this financial year rising to 32 billion in 2012/13.

"It is a very attractive time to buy gas resources. The opportunity has never been as good as now to do such an acquisition," Lean Strauss, a Sasol group manager, told Reuters.

"We are focusing on North America. That is where the gas is the cheapest by far in the world right now."

Sasol is conducting feasibility studies to build three 48,000 barrels-per-day gas-to-liquid (GTL) plants, one in Canada and two in the United States.

The company recently bought stakes in two shale gas assets in Canada, which together should supply about 60 percent of the gas it needs to power the three plants over a 25-year period, and will be looking for other assets to secure the remainder.

Sasol has slowed the development of the two Canadian assets given low gas prices, but said they would be ready by the time the GTL plants were up and running, which if approved was expected around 2017.

Sasol also produces gas from the onshore Pande/Temane fields in Mozambique, most of which is sent to South Africa.

Strauss said the quantities were not sufficient to justify a GTL plant, although the company was in talks with others who had found gas in the region about partnering in one.

"We have opened discussions with those who have found gas in the northern parts of Mozambique and southern parts of Tanzania, but it is very early days," Strauss said.

EARNINGS JUMP

His comments came after Sasol reported headline earnings per share up 81 percent to 23.50 rand in the six months to end-December, boosted by higher oil and product prices and a weaker rand currency, which it said was 7 percent softer on average than in the previous period.

Headline EPS is the main profit gauge in South Africa and excludes certain one-time items.

A weaker rand is a positive for South African exporters as it lifts profits when overseas earnings are brought home. The currency has strengthened since the start of 2012, which will negatively impact Sasol's next set of results.

Lower synfuels production due to a strike and other plant incidents was offset by stronger performance at other units.

"The results were good. Some investors may be impatient because of its sensitivity to the fluctuations in the rand and the oil price and because of the long time it takes to get the mega projects up and running, but it is a fantastic stock and one to definitely have in your portfolio," said Sasha Naryshkine, an analyst at Vestact.

The jump in earnings was largely priced in after Sasol in February forecast an 80 to 90 percent increase.

The stock, up 1.9 percent so far this year, was down 0.7 percent at 389.90 rand by 1226 GMT, compared with a flat JSE Top-40 index of blue-chips.

Sasol also said it was on track to deliver higher earnings for the full year, but warned that the rand-dollar exchange rate remained the biggest external factor impacting profitability.

"For every 10 cents change in the annual average rand/dollar exchange rate, it will impact our operating profit by nearly 1 billion rand," Chief Financial Officer Christine Ramon said.

The company said Sasol Synfuels' production for the full year was expected at between 7.0 and 7.2 million tonnes.

The company said it would pay an interim dividend of 5.70 rand, up 84 percent on the comparison period.

© Thomson Reuters 2012. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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Old March 13th, 2012, 05:41 AM   #32
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Iran Oil Power Declining as Explorers Increase Spending: Energy
By Ayesha Daya, Brian Swint and Rakteem Katakey - Mar 12, 2012

The Iran-driven run in oil prices to the highest since 2008 masks the Middle East producer’s diminishing importance to global oil supplies as record spending on drilling unearths reserves from Argentina to Angola.

New fields will ease pressure on prices, according to the Centre for Global Energy Studies. Futures show investors expect benchmark Brent crude to drop to less than $100 a barrel in 2015 from $125 today. Global exploration spending, led by Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA), will jump 20 percent this year to at least $90 billion, Barclays Plc research shows.

Offshore drilling may unlock about 25 billion barrels of oil this year, more than four times Norway’s remaining reserves, according to Morgan Stanley. In addition, there are so-called unconventional fields in the U.S., where oil production from North Dakota’s shale rose 75 percent last year, and Argentina, home to a field found by Repsol YPF SA (REP) that may hold about 23 billion barrels.

“The price of oil has to come down because supply prospects are so positive,” said Manouchehr Takin, an analyst at the Centre for Global Energy Studies. “The rate of demand isn’t going to grow as in the past as we use resources more efficiently.”

The International Energy Forum, consisting of a group of nations that account for more than 90 percent of global oil and gas supply and demand, gathers today in Kuwait as pressure builds on Iran from U.S., the European Union and Israel to end its nuclear research program. The forum was founded in 1991 to discuss international energy security.
Largest Consumer

Saudi Arabian Oil Minister Ali al-Naimi and U.S. Deputy Energy Secretary Daniel Poneman, representing the world’s biggest crude exporter and the largest consumer, are joining ministers from more than 70 countries to discuss how to meet future energy demand and mitigate price volatility. Executives will attend from companies including Exxon, Shell and Total SA. (FP)

“Even now the market is well-supplied,” Aldo Flores- Quiroga, the IEF’s secretary-general, said in an interview in Kuwait yesterday. “New fields are being discovered. There are new areas where sources are being developed. The sources of supply are spreading and this will change the politics of oil.”

Concern that a strike against Iran will start a Middle East war has driven oil prices higher and exploration can’t do much to mitigate that in the short term, said Colin Lothian, corporate strategy analyst at Wood Mackenzie Consultants Ltd. The European Union will stop buying any Iranian oil from July 1.
OPEC Pumping

The Organization of Petroleum Exporting Countries, which supplies 40 percent of the world’s oil, is pumping the most in three years and crude surpassed $120 a barrel on Feb. 20 for the first time since May. The average price of OPEC’s main crude grades has surpassed $120 a barrel since Feb. 22, the longest stretch since 2008.

“It takes four to eight years from exploration to bringing supply on the market, so new discoveries won’t have a material impact on supply for a few years,” Lothian said in an interview. “Concerns in the market are different, about potential disruption in supply.”

Still, the underlying supply and demand picture may be more balanced. OPEC cut its global oil demand forecast for 2012 on March 9 by 130,000 barrels a day to 88.63 million on moderating prospects for global growth.

The forward curve for Brent crude, the benchmark for two- thirds of the world, shows prices dropping to $112 by the end of next year and to about $95 in December 2016.
Less Important

Iran is becoming a less important global supplier. The second-largest OPEC producer will see its share of oil production slip from 4.9 percent in 2010 to 4.5 percent in 2015, according to the International Energy Agency.

Spending on oil and gas exploration rose to a record $72 billion last year, according to Wood Mackenzie, as drillers look to replace aging fields with finds in countries with little or no history of oil production.

“We are seeing a wave of new exploration activity,” said Robin Batchelor, the manager of Blackrock Inc.’s $4.5 billion World Energy Fund. “The majors are beginning to increase their exploration budgets and have become more interested in some of these frontier plays.”

Shell, based in The Hague, is increasing spending on exploration 35 percent to about $5 billion this year. London- based BP Plc (BP/) is doubling exploration drilling this year and is stepping up spending on projects in Angola, the North Sea and the Gulf of Mexico.
Exxon Expects

Exxon expects to start up nine major projects this year and next and anticipates adding the equivalent of more than 1 million net barrels a day by 2016. The company’s 2012 exploration portfolio includes projects in Tanzania, Guyana and Ireland, according to a March 8 investor presentation.

Smaller explorers are making important discoveries also. Tullow Oil Plc (TLW) last year discovered oil in French Guiana that may double its $4.4 billion economy. Cobalt International Energy Inc., backed by Goldman Sachs Group Inc., last month confirmed a 1,180-foot column of oil in waters off Angola.

The U.S. may surpass Russia as the world’s largest energy producer in the next 10 years as output of natural gas and crude from shale rock formations climbs, Pacific Investment Management Co.’s Mark Kiesel said last month.

China, the world’s biggest energy consumer, is estimated to have more gas trapped in shale than the U.S. and plans a second auction of shale exploration areas as it seeks to triple its use of gas to 10 percent by 2020.

“The world has become a very exciting place for energy and there are possibilities everywhere,” B.C. Tripathi, chairman of GAIL India Ltd. (GAIL), the country’s biggest natural-gas distributor, said in a telephone interview on March 7. “Our options to get oil and gas now range from America to Australia.”

To contact the reporters on this story: Ayesha Daya in Dubai at adaya1@bloomberg.net; Brian Swint in London at bswint@bloomberg.net; Rakteem Katakey in New Delhi at rkatakey@bloomberg.net

To contact the editors responsible for this story: Stephen Voss at sev@bloomberg.net; Will Kennedy at wkennedy3@bloomberg.net
®2012 BLOOMBERG L.P. ALL RIGHTS RESERVED.
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Old March 14th, 2012, 11:30 AM   #33
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Total CEO to Expand in East Africa After Project Start in Uganda
By Rakteem Katakey and Eduard Gismatullin - Mar 13, 2012

Total SA (FP), Europe’s third-largest oil company, may expand in East Africa after it started a project in Uganda, said Chief Executive Officer Christophe De Margerie.

Total and Cnooc Ltd. last month completed a $2.9 billion transaction with Tullow Oil Plc acquiring stakes in the Lake Albert Basin fields after almost a year of talks. The French company is among oil producers and utilities interested in buying a 20 percent stake in Eni SpA (ENI)’s gas discovery off Mozambique, according to people with knowledge of the matter.

“We are presently focused on Kenya and Tanzania,” de Margerie told reporters in Kuwait today. “For Mozambique, we might look at it at some point in the future. There isn’t anything final there yet.”

Royal Dutch Shell Plc and Tullow are among explorers expanding in East Africa after Statoil ASA, BG Group Plc (BG/), Eni and Anadarko Petroleum Corp. found about 70 trillion cubic feet of gas off Mozambique and Tanzania. PTT Exploration & Production Pcl, Thailand’s only listed oil and gas company, last month trumped Shell with a $1.7 billion bid for local explorer Cove Energy Plc.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net Rakteem Katakey in Kuwait at rkatakey@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
http://www.bloomberg.com/news/print/...in-uganda.html
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Old March 14th, 2012, 11:32 AM   #34
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Fatima Fertilizer Plans $1 Billion Africa Plant to Grow Overseas
By Khurrum Anis - Mar 13, 2012

Fatima Fertilizer Co. (FATIMA), Pakistan’s third-biggest maker of the farming ingredient, plans to build a new factory in Africa at an investment of about $1 billion to tap international markets.

The company expects to finalize plans this year to set up the factory, Fawad Ahmed Mukhtar, chief executive officer, said in a telephone interview from his Lahore head office. The fertilizer maker may consider forging a partnership by investing $200 million, he said, without elaboration.

Fatima registered its American Depositary Receipts in New York in March 2011 to raise its profile and expand overseas, aiming to overcome a chronic gas shortage at home. Pakistani fertilizer makers including Engro Fertilizer Ltd. and Fauji Fertilizer Co. get as much as 50 percent less gas than they need to run their factories, curbing production, according to Foundation Securities Pvt. in Karachi.

Fatima’s planned Africa factory may have a capacity to produce more than 1 million tons of fertilizer because the company expects to get “the best gas rates,” Mukhtar said.

“Besides local sales, we are also looking to export from there to Pakistan, Brazil and the markets in Africa,” Mukhtar said yesterday. To set up the plant Fatima is considering countries including Nigeria, Algeria, Tanzania and Mozambique, where there is “enough gas, which means that they will offer us good rates and good terms,” he said.

Fatima rose 1.6 percent to 24.90 rupees at the close in Karachi yesterday. The stock has almost doubled in the past 12 months, compared with a 10 percent gain for the Karachi Stock Exchange 100 Index.
Diversifying Risks

Companies in Pakistan including Lucky Cement Ltd., the nation’s biggest producer of the building material, are expanding overseas to cut dependence on their home market. Lucky will begin construction of a cement factory in Congo by June through a joint venture.

Expanding overseas will help companies including Fatima to diversify risks, according to Taha Khan Javed, manager research at Foundation Securities.

“Pakistan is facing a severe shortage of gas, so that takes away the feasibility to establish a plant here,” said Javed. “From Africa they can export anywhere in the world.”

The company will rely on a mix of its own cash, bank loans and investment from partners to fund the new plant, Mukhtar said. Fatima posted a net income of 4.12 billion rupees ($45 million) in the year ended Dec. 31, the first annual profit in four years after it started commercial operations in July.

The Danish Industrialisation Fund for Developing Countries and Haldor Topsoe AS, a Denmark-based maker of catalysts, have agreed to partner Fatima and will also help arrange funds, Mukhtar said, without specifying if they will collaborate on the African factory.
ADR Trading

“We are looking at projects internationally for setting up new plants and starting production in two to three years,” said Mukhtar. Depending on the “opportunity at hand,” Fatima may set up more than one plant overseas, he said.

Fatima Fertilizer’s ADR, each representing 50 local shares, may begin trading in the over-the-counter market in New York by June, Mukhtar said. Bank of America Corp. is the market maker, Bank of New York Mellon Corp. is the depositary, and Standard Chartered Plc is the custodian bank, he said.

The listing will build the company’s profile among overseas investors and help it raise funds for expansion, Mukhtar said.

To contact the reporter on this story: Khurrum Anis in Karachi, Pakistan at kkhan14@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net
http://www.bloomberg.com/news/print/...-overseas.html
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Old March 15th, 2012, 03:22 PM   #35
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Oil, gas rush surges as more firms join race Send to a friend
Thursday, 23 February 2012 21:56
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[A gas production plant in the southern coast of Tanzania. The country now leads in East Africa in issuing oil and gas explorations. It has issued 26 licences so far. photo | file ]

A gas production plant in the southern coast of Tanzania. The country now leads in East Africa in issuing oil and gas explorations. It has issued 26 licences so far. photo | file
By Ludger Kasumuni
The Citizen Reporter
Dar es Salaam. With the entry of new investor Swala Energy Limited in oil and gas exploration recently in the country, statistics show that a total of 26 licences have been issued being the highest number in the East Africa region.

Speaking recently at the ceremony for signing agreements between the government and Swala Energy Tanzania Ltd, the minister for Energy and Minerals, Mr William Ngeleja, said the country had the highest concentration of oil and gas exploration firms.

Figures show that while Tanzania has issued 26 licences, Kenya has 17 while Uganda, Rwanda and Burundi had less than 10 each.He said the country now has 16 companies engaging in oil and gas exploration activities, which among others include the new entrant Swala Energy, Maurel et Prom of France exploring in Bigwa, Mafia and Mnazi Bay areas; and Ndovu Resources of Australia exploring in Nyuni, east of Songosongo and Ruvuma basin in Mtwara and Lindi regions.

Others according to him, are Pan African Energy of UK producing gas at Songosongo Island; Dominion Oil and Gas of UK exploring in Block No. 7 in deep sea; Petrodel Oil and Gas of UK exploring in Dar es Salaam platform; and Latham, Afren of UK exploring in Tanga; while Petrobras of Brazil is exploring in the deep sea blocks 5, 6 and 8.

Other companies are Bg of UK and Ophir Energy Company of Australia exploring in the deep sea blocks 1, 3 and 4, Statoil of Norway exploring in the deep water Block 2, Dadsal Resources of United Arabs Amirate exploring in the Ruvu Block and Ophir East Africa of Australia exploring at East Pande in Kilwa district.

The list also includes Beach Petroleum of Australia exploring in South Lake Tanganyika, Hydrotanz of Mauritius exploring in North of Mnazi Bay, Heritage Rukwa (Tz) Limited of UK exploring in the Rukwa and Kyela Basins and Motherland Industries Ltd of India exploring in the Malagarasi Basin.“Apart from aforementioned companies, there are a number of others enquiring to explore in the open acreage available in the country. The government is committed to continue promoting exploration for oil and gas in the country,” said the minister.

Mr Ngeleja said Swala Energy’s contract was unique because it included Articles 10 and 109 in the Mining Act 2010, which stipulates inclusion of local ownership.

“Based in Australia Swala is the first company which is constituted by foreign and local interests. Some company shares will be set aside to local communities surrounding the oil and gas exploration fields and others will be listed at the Dar es Salaam Stock Exchange,” Mr Ngeleja said.

He said the oil and gas exploration activities are on rapid increase in the country as this year alone 10 wells will be drilled. Speaking at the ceremony, the TPDC managing director, Mr Yona Kilagane said that the country was yet to discover oil, but already Songosongo and Mnazi Bay gas projects have contributed to provision of 416 megawatts of electricity leading the country to save $3.3 billion.

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Old March 15th, 2012, 07:24 PM   #36
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Aminex sells US assets, shifts focus on Africa
Wednesday, 14 March 2012 21:01

By The Citizen Reporter and Agencies
Dar es Salaam. Oil and gas explorer Aminex’s (LON:AEX) decision to sell its US assets and focus on Africa could kick-start a new phase in its development, brokers have said.

A strategic review concluded that the company’s Tanzanian interests together with the Kiliwani North gas field form its core asset base and offer the greatest potential among its existing holdings.

The group is now looking for farm-in partners for its Nyuni and Ruvuma assets in Tanzania where it currently has 70 per cent and 75 per cent working interests respectively. The target going forward will be only to hold working interests of 25 - 30 per cent in its projects to spread exploration risk and give it the ability to invest in a wider range of projects.

Aminex added that it wants to build a diverse portfolio through acquisitions and farm-ins that will support an “aggressive” drilling campaign.Any money raised from the sale of the US assets will be used to develop the African business. Aminex added that its US assets are mature and would be better suited to a local company.

It recently agreed to sell its Texas-based Somerset field for $701,000, which left three other US assets situated in Louisiana and Texas.Revenues in 2011 rose 31 per cent to $9.33 million with losses reduced to US$895,000 from $4.5 million.

Shore Capital added that the recent discovery at Ruvuma validates the plan to focus on Africa as does the successful flow test announced today by Cove Energy (LON:CVE) in the offshore portion of the same basin.

http://www.thecitizen.co.tz/business...ocus-on-africa
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Old March 18th, 2012, 03:59 PM   #37
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Business
Tanzania to spend $55b on natural gas project
Photo/File TPDC will partner with Pan Africa Energy Tanzania Ltd to do this, initially targeting 200 vehicles, 100 households, 10 hotels and institutions as well as three CNG stations.

Photo/File TPDC will partner with Pan Africa Energy Tanzania Ltd to do this, initially targeting 200 vehicles, 100 households, 10 hotels and institutions as well as three CNG stations.

Tanzania plans to spend $55.1 billion to connect homes, industries and institutions in Dar es Salaam to a natural gas system.

A 2007 pilot project proposed that a natural gas network that includes three trunk pipelines of 65 kilometres and 15 compressed natural gas (CNG) stations be set up to meet this need.

Charles Sangweni, the Tanzania Petroleum Development Corporation (TPDC) senior research officer, directorate of marketing and investment, said the project implementation phase will take approximately three years.

TPDC will partner with Pan Africa Energy Tanzania Ltd to do this, initially targeting 200 vehicles, 100 households, 10 hotels and institutions as well as three CNG stations. During the pilot project, one gas station was completed at Ubungo and more than 40 vehicles were converted for CNG use.

TPDC is already constructing a pipeline worth Tsh4.5 billion ($2.8 million) to Mikocheni light industrial area with take-offs to University of Dar Salaam and Ardhi University.

http://www.theeastafrican.co.ke/busi...z/-/index.html
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Old March 19th, 2012, 04:49 PM   #38
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Tanzania Daily News (Dar es Salaam)
Tanzania: Copper Smelting Plant Opens Shop in Dar es Salaam
By Abduel Elinaza, 19 March 2012

Comment

A LOCAL company has invested over one million US dollars (about 16bn/-) on copper oxide ore smelting plant in Dar es Salaam with more in sight to expand its business.

The move makes the company, a joint venture between Tanzanians and Danes, to become one of a few such plants at the East African region and probably the first in Tanzania. Danformation, a company which owns the plant, said in Dar es Salaam over the weekend that the investment will add value on the country's foreign exports earnings.

The company's Chief Executive Officer (CEO), Mr Joshua Dalgaard, told the 'Daily News' that foundry copper blister quality is around 90 to 98 per cent pure. "We started operations a few months ago and this is good news to Tanzania as we will export copper blister ingots instead of raw products as it had been the case in the past", he said.

The plant, with a total output capacity of 10,000 metric tonnes monthly, when in full production, is located at the Tanzania Railways Limited (TRL) workshop premises along Nkrumah Street. He said the company started renovating the production facility last August, adding that, currently the plant can smelt between 1,000 and 1,500 metric tonnes copper oxide ore per month.

"We source copper oxide ore from within the country. Our job has been to educate small-scale miners on how to analyse the best product from the fake one", Mr Dalgaard said. He said supplies come mainly from Ruvuma, Lindi, Dodoma, Kigoma, Singida, Morogoro, Tanga, Iringa, Mbeya and Rukwa. He said good copper oxide ores are Malachite (green coloured) and Azurite (blue coloured) with their percentage of copper metal ranging between 35 and 60 per cent.

However, he said brown coloured ores have quality of between 18 and 30 per cent of copper. He said the company spent six months to work out a suitable system that could support rampant power interruptions currently facing the country. "The system switches automatically and minimises high power usage. The foundry needs 2 megawatts or 200 kilowatts to run", he said.

The National Environmental Management Council (NEMC) has already issued an environmental impact assessment (EIA) clearance certificate in January to the company. The plant is using Danish technology and currently runs ten hours a day before turning to a full-swing operating 24-hour schedule in the next few months, he said.

In 2011, the government almost banned the exports of copper ore but reversed its decision, as there was no copper smelting plant in the country. The decision was based on the need to revolutionize the industry by adding value on copper to maximize tax revenues.
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Old March 21st, 2012, 12:39 PM   #39
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State plans to have 45pc stake in soda ash project
Tuesday, 20 March 2012 21:51
[/URL]
Villagers display crystals of soda ash for sale near Lake Natron in Arusha. photo | FIle

By Felix Lazaro
The Citizen Reporter
Dar es Salaam. The government has maintained that it plans to hold up to 46 per cent share in the soda ash project in which Indian based Tata Chemicals Ltd has shown interest.

The Industry, Trade and Marketing minister, Dr Cyril Chami, said on a local TV programme that the government would hold the shares through the National Development Corporation, once negotiations are reached.

“It was government money that was used for research and exploration, as such it should have a sizeable share,” said Dr Chami, without specifying how much money was put in the exploration process.

According to him, the soda ash site is at Engaruka area, 50 kilometres from the flamingo site of Lake Natron, and that available quantities could make the country lead in the product in the region.

The soda ash discovered, whose amount ranges 460 billion cubic litres, upon its fully extraction would attract markets in the world through exporting million tons of the soda ash every year, he said.

According to the minister, soda ash has the characteristic of multiplying at 4 million cubic litres per year, meaning that its cubic reserves keeps growing.

In 2008 Tata Chemicals Ltd, an Indian company, made a bid to the government to build a soda ash plant near Lake Natron, a project that would cost about $450 million.For about four years the project was in limbo due to concerns from environmental activists that the construction of a factory near Lake Natron, where there is huge breeding ground for flamingo, would destroy the greatest flamingo habitat in East Africa.

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Old March 26th, 2012, 12:51 PM   #40
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UPDATE 1-BG Group JV discovers more gas off Tanzania
Mon Mar 26, 2012 8:39am GMT

March 26 (Reuters) - British gas producer BG Group and its partner Ophir Energy discovered more gas than estimated off the coast of Tanzania, coming closer to the minimum threshold volumes required for a two-train liquid natural gas development.

The discovery made at the Jodari-1 well in block 1 had recoverable mean resource estimated at 3.4 trillion cubic feet (TCF)), above the mean estimate of 2.2 TCF, Africa-focused oil and gas firm Ophir Energy said in a statement.

Ophir, backed by steel magnate Lakshmi Mittal, said the cumulative discovered, recoverable gas resources in blocks 1, 3, 4 were now about 7 TCF.

Ophir holds 40 percent of the three blocks.

"3.4 TCF recoverable at Jodari is the strongest possible start to the five-well 2012 Tanzania drilling campaign," Investec's Stuart Joyner said.

"This is a very strong start to our five-well 2012 Tanzania drilling campaign and the Metro-1 drillship will now move to drill Mzia-1, which is targeting mean recoverable resources of 4.6 TCF," Ophir said.

BG's shares were up about 1 percent at 1505 pence at 0930 GMT on Monday on the London Stock Exchange, while those of Ophir rose 15 percent to 461.7 pence.

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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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